Global stock markets fell sharply as investors expressed concerns about the financial health of tech firms central to the artificial intelligence boom. Following a significant sell-off in US tech stocks, Asian markets saw steep declines, particularly the South Korean Kospi index, which plunged nearly 9% at one point. In Europe, major indices also dropped, with shares in tech companies like ASML and Nokia falling significantly. Concurrently, oil prices surged nearly 5% to $97.60 per barrel due to escalating tensions between Iran and Israel, raising fears of further conflict in the region. Analysts noted that rising inflation and interest rates are causing investors to reassess the valuations of AI stocks, leading to a more selective market. Susannah Streeter, chief investment strategist at Wealth Club, indicated that tech giants are seeking new funding to support their extensive capital expenditure plans, but concerns about future obsolescence loom large. The situation is compounded by geopolitical uncertainties, particularly regarding the Strait of Hormuz, a crucial oil shipping route.